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VINFAST REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULTS

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s only pure-play electric vehicle manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2024.

VinFast delivered 13,172 EVs in Q2, up by 44% QoQ and 43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period last year.The Company recorded $357 million in revenue for Q2, up by 33% QoQ and 9% YoY.Vietnam, where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.

Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving.”

VinFast EV Deliveries Rose 44% QoQ and Revenue Grew 33% QoQ

During the quarter, VinFast delivered 13,172 vehicles, a 44% increase compared to the previous quarter and a 43% increase year-over-year. This brings total deliveries for the first half of 2024 to 22,348 vehicles, representing a 101% increase compared to the same period last year. 

One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a 108% year-over-year increase in B2C deliveries in Q2.

VinFast reported $357 million in revenue in Q2, up by 9% year-over-year and by 33% quarter-over-quarter. 

The Company’s gross loss for Q2 was ($224) million, equivalent to a gross margin of (62.7%). This was primarily due to an impairment charge on Net Residual Value (NRV) of $104 million, compared to $5 million in Q1.

Expanding Global Footprint to Drive Sales

VinFast’s strategic expansion through dealership network has shown progress.

As of August 31, VinFast had 155 showrooms across all markets, of which around 70% were dealerships.

Strengthening Presence in Key Markets

Vietnam

VinFast achieved its highest year-over-year growth for Vietnam in the first half of 2024. The VF 5 model has been instrumental in driving the Company’s strong sales performance, securing the VF 5’s position as a domestic leader in its segment. Additionally, the Company began delivering its highly anticipated VF 3, VinFast’s mini electric SUV, in the third quarter of 2024.

North America

In the second quarter of 2024, VinFast continued to build its foundation in the U.S. by introducing its products and strategies to key dealerships. To bolster brand awareness, VinFast expanded customer outreach through its dealer network and established a Dealer Advisory Council to gain valuable insights. As of the second quarter, VinFast now operates in eight states, California, Connecticut, Florida, Kansas, Kentucky, North Carolina, New York, and Texas, with a combined network of dealer stores and VinFast-owned showrooms.

In Canada, VinFast recorded 15% quarter-over-quarter growth in the second quarter and is seeing this momentum continue in the third quarter, with July and August seeing its highest delivery levels for North America in the past year.

Southeast Asia

VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicle during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs. VinFast also broke ground its completely knocked down (CKD) facility in Indonesia.

VinFast’s innovative battery subscription offer has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also garnered positive feedback in the Philippines, further validating its commitment to making electric vehicles more accessible.

Building on the positive response from dealers in the Philippines, VinFast is eager to introduce additional models to the market in the coming months, further expanding its footprint and product offerings in the region.

Outlook for the Remainder of 2024

VinFast reaffirms its target to deliver approximately 80,000 units in 2024.

Vietnam is expected to play a key role in driving revenue for the remainder of 2024. The growing success of the VF 5 model, along with VinFast’s extensive charging infrastructure, flexible battery subscription program, and strong after-sales services, are expected to reinforce its leadership position in the Vietnamese electric vehicle market.

While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.

VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence./.

Conference Call

The Company’s management will host its second quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.

Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations – Email: ir@vinfastauto.com
Media Relations – Email: info@vingroup.com

About VinFast 

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us

Forward-Looking Statements

Forward-looking statements in this announcement, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the effect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships, performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) the availability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failure of the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’s research and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) product recalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.

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SOURCE VinFast

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NASA Awards $1.5 Million at Watts on the Moon Challenge Finale

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WASHINGTON, Sept. 20, 2024 /PRNewswire/ — NASA has awarded a total of $1.5 million to two U.S. teams for their novel technology solutions addressing energy distribution, management, and storage as part of the agency’s Watts on the Moon Challenge. The innovations from this challenge aim to support NASA’s Artemis missions, which will establish long-term human presence on the Moon.

This two-phase competition has challenged U.S. innovators to develop breakthrough power transmission and energy storage technologies that could enable long-duration Moon missions to advance the nation’s lunar exploration goals. The final phase of the challenge concluded with a technology showcase and winners’ announcement ceremony Friday at Great Lakes Science Center, home of the visitor center for NASA’s Glenn Research Center in Cleveland.

“Congratulations to the finalist teams for developing impactful power solutions in support of NASA’s goal to sustain human presence on the Moon,” said Kim Krome-Sieja, acting program manager for NASA Centennial Challenges at NASA’s Marshall Space Flight Center in Huntsville, Alabama. “These technologies seek to improve our ability to explore and make discoveries in space and could have implications for improving power systems on Earth.”

The winning teams are:

First prize ($1 million): High Efficiency Long-Range Power Solution of Santa Barbara, CaliforniaSecond prize ($500,000): Orbital Mining Corporation of Golden, Colorado

Four teams were invited to refine their hardware and deliver full system prototypes in the final stage of the competition, and three finalist teams completed their technology solutions for demonstration and assessment at NASA Glenn. The technologies were the first power transmission and energy storage prototypes to be tested by NASA in a vacuum chamber mimicking the freezing temperature and absence of pressure found at the permanently shadowed regions of the Lunar South Pole. The simulation required the teams’ power systems to demonstrate operability over six hours of solar daylight and 18 hours of darkness with the user three kilometers (nearly two miles) away from the power source.

During this competition stage, judges scored the finalists’ solutions based on a Total Effective System Mass (TESM) calculation, which measures the effectiveness of the system relative to its size and weight – or mass – and the total energy provided by the power source. The highest-performing solution was identified based on having the lowest TESM value – imitating the challenges that space missions face when attempting to reduce mass while meeting the mission’s electrical power needs.

Team H.E.L.P.S. (High Efficiency Long-Range Power Solution) from University of California, Santa Barbara, won the grand prize for their hardware solution, which had the lowest mass and highest efficiency of all competitors. The technology also featured a special cable operating at 800 volts and an innovative use of energy storage batteries on both ends of the transmission system. They also employed a variable radiation shield to switch between conserving heat during cold periods and disposing of excess heat during high power modes. The final 48-hour test proved their system design effectively met the power transmission, energy storage, and thermal challenges in the final phase of competition.

Orbital Mining Corporation, a space technology startup, received the second prize for its hardware solution that also successfully completed the 48-hour test with high performance. They employed a high-voltage converter system coupled with a low-mass cable and a lithium-ion battery.

“The energy solutions developed by the challenge teams are poised to address NASA’s space technology priorities,” said Amy Kaminski, program executive for Prizes, Challenges, and Crowdsourcing in NASA’s Space Technology Mission Directorate at NASA Headquarters in Washington. “These solutions support NASA’s recently ranked civil space shortfalls, including in the top category of surviving and operating through the lunar night.”

During the technology showcase and winners’ announcement ceremony, NASA experts, media, and members of the public gathered to see the finalist teams’ technologies and hear perspectives from the teams’ participation in the challenge. After the winners were announced, event attendees were also welcome to meet NASA astronaut Stephen Bowen.

The Watts on the Moon Challenge is a NASA Centennial Challenge led by NASA Glenn. NASA Marshall Space Flight Center manages Centennial Challenges, which are part of the agency’s Prizes, Challenges, and Crowdsourcing program in the Space Technology Mission Directorate. NASA contracted HeroX to support the administration of this challenge.

For more information on NASA’s Watts on the Moon Challenge, visit:

https://www.nasa.gov/wattson

 

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SOURCE NASA

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Kits Eyecare Ltd. Files Final Prospectus For Secondary Offering of Common Shares

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Final Short Form Prospectus Accessible on SEDAR+

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Sept. 20, 2024 /CNW/ – Kits Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a leading vertically integrated eyecare provider, is pleased to announce that it has filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec, and obtained a receipt for, a final short form prospectus (the “Final Prospectus”) in connection with the previously announced secondary offering of common shares of the Company (the “Common Shares”) pursuant to which Canaccord Genuity Corp., as sole bookrunner and co-lead underwriter, together with Beacon Securities Limited, as co-lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, an aggregate of 1,125,000 Common Shares held by Roger Hardy and entities managed by Roger Hardy (the “Hardy Shareholders”), LD Group Holdings Ltd. (“LD Group”) and Joseph Thompson (together with the Hardy Shareholders and LD Group, the “Selling Securityholders”) at an offering price of $10.15 per share (the “Offering Price”) for total gross proceeds to the Selling Securityholders of $11,418,750 (the “Offering”). KITS will not receive any proceeds from the Offering.

The Underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 168,750 Common Shares from the Selling Securityholders at the Offering Price for additional gross proceeds of $1,712,812.50 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised at any time, in whole or in part, for a period of 30 days from the closing date of the Offering, which is expected to occur on or about September 26, 2024 and is subject to certain customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable U.S. state securities laws.

Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing the contact with an email address or address, as applicable.

About KITS

KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.kits.com.

Forward-Looking Information

Certain information in this press release, including statements relating to the closing date of the Offering, and the exercise by the Underwriters of the Over-Allotment Option, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by KITS as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail under the “Risk Factors” sections of the management’s annual information form, discussion and analysis of financial condition and results of operations of KITS for the 3-month and 6-month periods ended June 30, 2024, each available at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect KITS; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. In particular, the closing of the Offering is subject to customary closing conditions and there can be no assurance that all such conditions will be satisfied. The forward-looking statements contained in this press release are made as of the date of this press release, and KITS expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE KITS Eyecare Ltd.

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Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals

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Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —

Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period

Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages.” — Theresa Hahn, PhD, Roswell Park Comprehensive Cancer Center

The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.

The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.

The researchers also discovered that in the most recent years analyzed, from 2017-2018:

The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.

The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.

From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.

Media Contact

Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org

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SOURCE Roswell Park Comprehensive Cancer Center

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